RBI and SEBI has approved the Aadhaar card legal Identity and address proof for dealing in Capital, Banking & Financial Markets. So now Aadhaar card can be used as Identity Proof for Financial Transaction in India. Aadhaar card is a 12-digit individual identification number or national identification number which can be issued by the Unique Identification Authority of India (UIDAI) on behalf of Government of India. So, the Government of India has approve the Aadhaar card as a valid proof in Government sectors. So, if you have not enrolled for the Aadhaar card yet, then do registration for Aadhaar card as early as possible. The previous UPA Central Government of India has made Aadhaar card as legal proof of identity for all the types of the financial transaction in the Country.
Using Aadhar system the bank can get the updated information about the debt the Aadhaar card or by the Aadhaar card number holder has taken and banks can verify the records related to the repayment of the debts. The new Governor of RBI Raghuram Rajan is also in favour of this project and the Finance Ministry (UPA GOVERNMENT) has said that after linking the Aadhaar card or the Aadhaar card number with the bank account, this scheme will be implemented in the entire country. By this project lot of the problem will be solved out. By this the debiting process will get transparent at all the levels. Bank knows all the details of our account so it’s simple to know that who need loan or not. It also reduces the paper work of the bank in the process. By this project or the scheme if it implemented properly then the rural regions people and the middle class and lower level people get benefit through this.
Note: Currently New Modi Led BJP Government has put Implementation of Aahdar Card Schmeme on Back Burners. Now BJP Government is looking into implementing the Citizenship Base Scheme Similar to Social Security Number In United States. Social Security Number (SSN) is a nine-Digit Number issued To U.S. Citizens, Permanent Residents, And Temporary (Working) Residents and in India PAN Number is like SSN of United States.